Every taxpayer operating a business in the City of Virginia Beach on January 1 is required to file a tangible personal property form (CR-13) on or before March 1 of the tax year. Failure to file a tangible personal property return (CR-13) by March 1 of each year could result in penalty and interest being assessed or a summons issued.
Under the provision of the law, the taxpayer is required to list all furniture, fixtures, furnishings, hand or power tools, machinery, operating equipment and all other tangible property, including personal items used to conduct the business. The taxpayer shall submit a schedule of fixed assets used or made available, grouped according to year acquired and cost. All furniture and equipment owned must be reported, even if fully depreciated on federal schedule.
- Do not list real estate
- Do not list licensed vehicles.
- Do not include equipment leased to you. Instead, list the name and address of person or persons owning tangible property leased by you at the bottom of the CR-13 form.
The current depreciation rate for business personal property is 40% of the original cost. Effective January 1, 2015, the tax rate is $4.00 per $100.00 of the assessed value. Our current rate for manufacturing is 33% of the original cost. The manufacturing tax rate is one millionth of one cent ($0.000001) per $100 of the assessed value. Manufacturing companies are only required to list machinery and tools involved in the manufacturing process. Tax bills are issued twice per year. Those issued in May are due June 5 and those issued in November are December 5.
If you are out of the business or have sold the business, please indicate so on the front of the form giving applicable dates.
If you have questions, please contact the Business Personal Property Division of the Commissioner's office by phone, fax, or email.